Business resiliente

28/09/2020

A resilient crowdfunding campaign: meet Yakkyofy

by Federico Rastelli, Mamacrowd

The story of Yakkyofy, an Italian start-up focused on dropshipping illustrates how social responsibility, resilience and transparency can make the difference in business

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Although the name is deceiving, Yakkyofy is an innovative all-Italian start-up that has developed a software to automate virtual store management using dropshipping.

Store owners can carry out each transaction (search for products, exchange of information between the vendor and the supplier, completion of the orders and shipping of the goods) directly on their platform and manage their business without actually having to keep the goods in stock.

Growing turnover

Yakkyofy launched an equity crowdfunding campaign on Mamacrowd in mid January 2020, when Covid-19 had just emerged in China, the country with which the company had the most contacts and ongoing business relationships.

In a matter of weeks, the pandemic had reached Italy and only days earlier Yakkyofy had held a webinar with Mamacrowd during which many questions were fielded about the fallout of the Chinese public health emergency on the start-up.

From early March, the start-up’s figures began to speak for themselves. Thanks to the phenomenal team work and the start-up’s sector (e-commerce), Yakkyofy reached really astonishing turnover levels.

€2.3 million in March, more than the turnover for the entire twelve months of 2019!

Up 3,310.36% in March 2020 and +830.72% on the first quarter of 2019, and April figures no less extraordinary, the start-up recorded turnover of €3.8 million for the first four months of 2020.

The “NOSciacalli” project

In early March, Yakkyofy began importing all types of available sanitary materials to supply as many Italian healthcare facilities crippled by the pandemic as possible.

In April, after donating personal protective equipment to GPs, the Ospedale Bambino Gesù in Rome and the Deliveroo riders, Yakkyofy decided to set up a channel to sell masks at controlled prices, to cut out those taking advantage of the difficult situation to make money. Organised with the Italian Civil Protection Service, this project is called ““NOSciacalli” and includes additional donations to the families of doctors and nurses who have died as a result of Covid-19.

Smack bang in the middle of the pandemic, Yakkyofy took a stance against those taking advantage of the health crisis to inflate prices. Organised with the Italian Civil Protection Service, this project is called “NOSciacalli” project and its results are clearly visible, including in terms of the start-up’s growth

Yakkyofy started to gain recognition in press articles and programmes on start-ups, as an example of a “resilient business”, which has not only survived but has actually experienced unforeseen growth during the lockdown.

This development has made Yakkyofy very attractive to Mamacrowd investors and it has collected nearly €500 thousand and 243 new partners.

Resilience and growth

Yakkyofy’s team was undoubtedly the factor that set it apart during the uncertain times when the pandemic broke out. The team worked incessantly and enthusiastically so that the fund raising could continue and be as successful as possible, generating a case history for Mamacrowd and the start-up sector in Italy.

Yakkyofy, which earned turnover of more than €5 million in its first six months, is today no longer classed as a start-up, having effectively entered the scale-up phase..